Time is of the essence for those looking to secure cheap home financing.

Homeowners are snoozing and losing. Refinance applications have dropped, even while mortgage rates have plunged back to the lowest levels in at least half a century.

Experts tell MoneyWise.com you’re a good candidate for a refi if you have a 30-year mortgage at 4% or higher. Rates have dipped below 3.5%, on average, letting homeowners refinance into loans that will shrink their monthly mortgage payments and their total interest costs.

Despite the benefits, refinancing has been inconsistent: hot one week, cold the next.

Homeowners are snoozing and losing. Refinance applications have dropped, even while mortgage rates have plunged back to the lowest levels in at least half a century.

Experts tell MoneyWise.com you’re a good candidate for a refi if you have a 30-year mortgage at 4% or higher. Rates have dipped below 3.5%, on average, letting homeowners refinance into loans that will shrink their monthly mortgage payments and their total interest costs.

Despite the benefits, refinancing has been inconsistent: hot one week, cold the next.

Agents are using more than the promise of low mortgage rates to lure wary buyers. They’re making ample use of 3D tours, social media, online videos and video conferencing to show off homes for sale. Open houses have stopped, and buyers who want to see homes in person are being allowed in one at a time using masks, gloves, and sanitizers.

“Houses that go under contract are successfully getting to settlement, provided the buyer’s financial and employment situation is still satisfactory, and the lender is able to fund the loan,” says Burr. He recommends that buyers focus on larger, more stable lenders because he says some smaller ones have stopped doing business in the current environment.